Cel-Sci Shares Drop 7% Pre-Market After $2.5M Share Offering at $1
CVM•Cel-Sci launched a $2.5 million offering of 2.5 million shares at $1—a 7.4% discount—its second equity raise in a month after a $7.2 million sale, triggering a 7% pre-market drop. Proceeds will advance Multikine development, whose Phase 3 trial raised five‐year survival from 45% to 73%, and support its Amarox partnership for Saudi distribution.
1. Offering Details
Cel-Sci priced a best-efforts public offering of 2.5 million shares at $1 per share, targeting $2.5 million in gross proceeds. The offer represents a 7.4% discount to the prior closing price and follows a May sale of 6 million shares at $1.20 that raised $7.2 million.
2. Use of Proceeds and Multikine Development
Funds from both offerings will support the Phase 3 immunotherapy candidate Multikine, which increased five-year survival from 45% to 73% versus standard treatment and holds FDA Orphan Drug Designation. Proceeds will also back Cel-Sci’s partnership with Amarox for regulatory approval and commercialization in Saudi Arabia.
3. Stock Performance and Outlook
Shares slumped over 7% in pre-market trading, marking a fifth consecutive session of decline and reflecting ongoing dilution concerns; the stock has fallen more than 77% year-to-date driven by heavy selling pressure.
